Health Information Exchange Market To Reach USD 3.9 Billion

Fort Collins, Colorado, Jan. 11, 2024 (GLOBE NEWSWIRE) —
The Health Information Exchange Market size was valued at USD 1.4 Billion in 2022 and is anticipated to reach USD 3.9 Billion by 2032 at a CAGR of 10.7%.

Health Information Exchange (HIE) is a system that allows medical facilities, organizations, and government agencies to securely share a patient’s medical information electronically. This improves patient care’s speed, quality, safety, and cost. 

The rise in the adoption of HIE solutions is driving the growth of the health information exchange market. California has the most health information exchanges in the U.S., with 15 such networks. Health Information Exchange (HIE) offers patient-centered care that is safer, more efficient, timely, equitable, and useful to public health authorities.

HIE systems improve patient care by allowing electronic participation in a patient’s continuity of care with multiple providers. They help avoid readmissions, medication errors, and duplicate testing. The need for efficient information exchange among healthcare providers has led to adopting HIE, which enables access and sharing of comprehensive patient information. This demand is driven by the emphasis on providing personalized and high-quality care to patients while reducing healthcare expenses.

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Segmentation Overview:

The global health information exchange market has been segmented into exchange type, implementation model, setup type, end-user, and region. The health information exchange market is segmented into directed, query-based, and consumer-mediated exchanges. Directed exchange holds the largest share and allows healthcare professionals to send and receive information securely. Healthcare providers are the primary end-users, and health information exchange improves healthcare quality by enabling access to patient health information from various sources.

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Health Information Exchange Market Report Highlights:

  • The global health information exchange market growth is anticipated at a CAGR of 10.7% by 2032.
  • HIE is a system that allows for electronically securely sharing patients’ medical information. The adoption of HIE solutions is driving the growth of the health information exchange market. HIE systems improve patient care by allowing electronic participation in a patient’s continuity of care with multiple providers, helping avoid readmissions, medication errors, duplicate testing, enabling access and sharing of comprehensive patient information.
  • Due to technological advancements and high healthcare spending, North America is expected to dominate the health information exchange market in 2022. The US healthcare expenditure in 2021 was approximately USD 4.3 trillion, accounting for 18.3% of GDP, and is expected to increase to 19.6% by 2031.
  • Some prominent players in the health information exchange market report include Aigilx Health, Siemens Healthineers, Orion Health group of companies, Oracle, EPIC Systems Corporation, Koninklijke Philips N.V., Veradigm LLC, Medical Information Technology, Inc., Chetu Inc. and Health Catalyst, Inc. 

Industry Trends and Insights:

–          Orion Health and Pieces Technologies have partnered to bring together Orion Health’s Orchestral Health Intelligence Platform and Pieces’ AI technology to revolutionize healthcare.

–          Microsoft and Epic are expanding their AI collaboration to address healthcare industry issues. 

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Health Information Exchange Market Segmentation:

By Exchange Type: Directed Exchange, Query-Based Exchange, and Consumer-Mediated Exchange

By Implementation Model: Hybrid, Centralized, and Decentralized/Federated

By Setup Type: Private and Public

By End-user: Healthcare Providers, Healthcare Payers, and Others

By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. 

 

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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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